Change in Rate of Tax [ Section 14 of CGST Act ]

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....GST Act, 2017. In case of change in rate of tax, determination of rate of tax depends upon three events namely- * Date of supply of goods or services * Date of invoice and * Date of receipt of payment If any two case of the above event occur before change in rate, the time of supply is before the change in rate of tax. If any two case of the above event occur after change in rate, the ti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... tax No No earliest of the date of invoice or payment New rate of tax Yes No Date of issue of invoice. Old tax rate No Yes Date of receipt Old tax rate Supply is completed after the change in rate of tax Invoice issued before date of change in tax rate Payment received before date of change in tax rate Time of supply Applicable rate of tax Yes Yes earliest of the date of invoic....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....his books of account, whichever is earlier. Further, the date of credit in the bank account is relevant if such credit is after four working days from the date of change in rate of tax. Example: The rate of tax on hotel rooms under ₹ 1000 was exempt earlier and the same shall be chargeable with 12% rate of tax from 18th July 2022, the service has been supplied on 17th July 2022 and payment ....